A Heart Box

Giving the Gift of Life Insurance This Holiday Season

04 December 2023

Life insurance doesn’t typically come to mind when you think of gift-giving. However, it can be a meaningful gift with a long-lasting impact for your loved ones this holiday season.

There are many ways to gift a policy:

  • Buy a policy for someone else
  • Buy a policy for yourself and name your loved ones as beneficiaries to secure their future when you pass
  • Buy a policy and name a nonprofit, charity, or other entity as the beneficiary

If you’re thinking of buying a policy, here are three things to know about life insurance to help you decide if this gift makes sense for you.

1. Do You Need Life Insurance?

A life insurance policy can help prepare you today for the unexpected and help ensure your family will have the financial support they need.

Generally, you should consider life insurance if:

  • You have a spouse
  • You have dependent children
  • You have an aging parent or a physically challenged relative who depends on your support
  • Your retirement savings are not enough to insure your spouse’s future against a rising cost of living
  • You have a sizable estate
  • You own a business

The InsureOnline.com family of licensed insurance agents can help you find the right life insurance coverage for you and help ensure that your policy continually meets your needs. Give us a call at 844-358-5605 to discuss your needs.

2. What Does Life Insurance Cover?

Most people think of life insurance as a cash benefit paid out in the event of their death to their designated beneficiaries. Depending on the policy, life insurance can cover more than that.

Additional benefits of life insurance other than providing for your loved ones, in case something happens to you, includes:

  • The cash value earned and borrowed from a permanent life insurance policy can be used to help with unexpected expenses, such as medical expenses or repairs to your home after a storm.*
  • The growth of a cash-value policy is tax-deferred. You do not pay taxes on the cash value accumulation unless you withdraw funds from the policy.
  • Life insurance can be used to help cover funeral expenses and pay estate taxes. Please consult with your tax or legal advisor for more information.

3. How Much Life Insurance Is Enough?

Securing the future for the people you love is an important step to take towards the wellbeing of your family.

Life is a unique journey for everyone, and the life insurance coverage you need will depend on many factors. Your lifestyle, projected inflation, savings and assets, debt and how much income the life insurance policy may need to replace in the event of your death are some factors to consider.

Our licensed agents can help discuss your unique coverage needs to help determine what policy might be good for you. Contact us at (844) 358-5605 or agent@insureonline.com to start the conversation today.

Get Life Insurance Coverage Within 20-Minutes

InsureOnline.com's partner, Encova Insurance, provides real-time, 20-minute life insurance without blood draw or medical exams. Encova, who recently merged with Pan American Life Insurance Company1, is a one-stop shop for your life insurance needs, encircling policyholders with coverage at every step of life’s journey. Encova’s Real-Time Term life insurance may be the perfect product for busy individuals who want coverage without the wait.

Why Real-Time Term** with Encova Insurance?

  • Coverage of $25,000 to $500,000
  • No blood draw or medical tests required
  • Immediate notification if approved
  • The ability to have a face-to-face conversation with a real, live life specialist if desired
  • Online application with 12 questions

If you or your family do not have life insurance, InsureOnline.com can help you secure a life insurance policy today!

It’s a simple process. In fact, InsureOnline.com and our partner, Encova Insurance, offer an online Real-Time life insurance application without medical exams!

For more information or to get a quote and apply for coverage online, please visit our Life Insurance page or call (844) 358-5605. The process takes minutes.

About InsureOnline.com

InsureOnline.com is a digital insurance agency that provides affordable insurance to consumers who want to shop and purchase insurance online while still having the option to work with an agent if they wish. The agency offers auto, home, life, health, and commercial as well as other specialty lines of insurance. Our goal is to provide an easy, fast, convenient, and safe online shopping experience for consumers looking for the best price by utilizing all the latest and greatest technology. Based in Bedford Park, Illinois, we are licensed to write business in many states and have a multilingual staff licensed and certified in a variety of insurance lines. We partner with many highly rated insurance companies to provide the best insurance solutions to meet your individual needs and your budget. Buy insurance online or talk to a licensed insurance agent! It’s your choice.

For information and quotes on insurance coverage, please visit InsureOnline.com or call (844) 358-5605.

The general and educational information here supports the sales, marketing, or service of insurance policies. Individuals should seek advice from their own qualified and duly licensed independent tax or legal advisors based upon their own particular circumstances.

* Any outstanding loans or indebtedness at the time of death will be deducted from the death benefit. Withdrawals and loans will lower a policy’s account value and death benefits, may have tax implications, and may cause the policy to terminate. Surrender charges will apply to withdrawals in early years, subject to a free partial withdrawal feature. Each individual should seek specific advice from their own tax or legal advisors.

** Real-Time Term life insurance is underwritten and issued by Encova Life Insurance Company, Columbus, OH. The policy, endorsements, and their features are subject to availability and may vary by state. Please refer to the policy and the endorsements for full details of coverage, limits, and exclusions.

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